FDIC proposes new rules for bank recordkeeping of fintech app customers after Synapse collapse.

The FDIC has proposed new rules requiring banks to enhance recordkeeping for customers of fintech apps, prompted by the collapse of Synapse, which locked many users out of their accounts. The rules will ensure banks maintain accurate ownership and balance records, promoting consumer access to funds even during a bank's failure. Additionally, the FDIC plans to increase scrutiny on bank mergers involving institutions with over $100 billion in assets.

September 17, 2024
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